MUMBAI, Oct 18 (Reuters) - India’s No. 2 cement maker ACC Ltd reported higher profits in the July-September quarter, but missed market estimates.
ACC, controlled by Switzerland’s Holcim Ltd, the world’s second-largest cement producer, reported a 57 percent increase in net profit to 2.49 billion rupees ($47.08 million for the July-September period, up from 1.59 billion rupees a year ago.
Net sales were up 7 percent at 24.45 billion rupees over the same period.
Analysts expected profits of 2.87 billion rupees on revenue of 25.55 billion rupees, according to Thomson Reuters I/B/E/S. ($1 = 52.8850 Indian rupees) (Reporting by Aditi Shah; Editing by Daniel Magnowski)